lending rate

The cut puts the Federal Reserve's lending rate in the range of 4.5%-4.75%.

At its September meeting, the US central bank lowered rates for the first time in four years, cutting its key lending rate by 0.5 percentage points to between 4.75% and 5%.

The Fed’s benchmark overnight lending rate influences a variety of business and consumer loans.

US interest rates also fell in September, when the Federal Reserve cut its key lending rate fell by 0.5 percentage points to between 4.75% and 5%.

The Federal Reserve said it would lower the target for its key lending rate by 0.5 percentage points, to the range of 4.75%-5%.